Used to describe an event or act that a person ends up on the losing end but gives they’re all anyway and takes it anyway. Can be used with an emphasis on sports but also with everyday events.

“The frat boys were watching a Porn movie at 3am on the big screen in the dorm TV lounge when in the final scene 4 black guys attempted dvda on a Asian girl, one of the frat brothers yelled “Take it like a Champ!!””